Wow, that's a rare example of a '40s sportcoat with a high center vent. I didn't think they came that big again until the late '60s.
I'd say "7-17-70" is the date, not 1949.
Where the past comes to life...so we can promptly beat it to death again.
I had a feeling that the "1949" number by itself wasn't the year.
Sorry for missing that. Nice catch.
Or this : http://en.wikipedia.org/wiki/17-11-70